Shunfeng confirms second delay to Wuxi Suntech deal
Post Date: 15 Mar 2014 Viewed: 397
Shunfeng Photovoltaics has announced a second delay to its acquisition of Wuxi Suntech.
In a statement to the Hong Kong Stock Exchange the company said it would look to release more details on the deal on or before 21 March. Previous deadlines of 20 February and 13 March have already passed.
The delayed document will include more details on the transaction, the restructuring plan that would follow, financial information on Wuxi Suntech and a date for the shareholder vote that will confirm the deal.
Suntech Power Holdings, its former manufacturing subsidiary Wuxi Suntech and three other former Suntech Power Holding’s companies are currently in dispute over the ownership of Wuxi Suntech’s equity prior to the initiation of the Shunfeng purchase.
A Singapore court ruling ordered Suntech Singapore to pay Suntech Power Holdings’ immediate subsidiary Power Solar System (PSS) nearly US$264 million. PSS is currently in liquidation.
Wuxi Suntech CEO Eric Luo has said that the company was purhased by Shunfeng from administrators in Wuxi and that the ongoing dispute is between the administrators of PSS and Suntech Power Holdings.